Reporting Backdoor Roth in TurboTax

[G-Man]

I just want to confirm that I entered the information correctly in TurboTax.

When I complete the Deductions and Credits section, Turbo Tax will do a check of this section. I'm getting messages stating that:

1. Income Too High to Deduct an IRA Contribution
2. Screen showing my Backdoor Roth conversions as not taxable.
3. Screen showing IRA Contributions as not deductible.

I assume this is normal in TurboTax for reporting backdoor Roth conversions.

 

[imjustawarrior]

That looks correct to me from my memory.

The Finance Buff has really good step by step instructions for how to do this with TT.

When I do this, I note my tax refund/payment. I then enter everything associated with the backdoor Roth and make sure that my refund/payment is the same when I am done.

 

[G-Man]

Another question off-topic.

On the Deductions and Credits Summary page in TurboTax, my mortgage interest is showing $0, although I have entered a mortgage interest amount in TurboTax. The amount is less than $10K.

 

[euro]

I just want to confirm that I entered the information correctly in TurboTax.

When I complete the Deductions and Credits section, Turbo Tax will do a check of this section. I'm getting messages stating that:

1. Income Too High to Deduct an IRA Contribution
2. Screen showing my Backdoor Roth conversions as not taxable.
3. Screen showing IRA Contributions as not deductible.

I assume this is normal in TurboTax for reporting backdoor Roth conversions.

Some of this doesn't look right. Usually, a backdoor Roth is done by funding a non-deductible traditional IRA and then rolling it over to Roth. It doesn't look like you checked the "this is not a deductible IRA" button when entering the first step contribution?

In any event, I have a TurboTax help document on how to process this situation and will attach it (if the board will let me)

 

[G-Man]

Some of this doesn't look right. Usually, a backdoor Roth is done by funding a non-deductible traditional IRA and then rolling it over to Roth. It doesn't look like you checked the "this is not a deductible IRA" button when entering the first step contribution?

In any event, I have a TurboTax help document on how to process this situation and will attach it (if the board will let me)

This is the document I followed.

https://thefinancebuff.com/how-to-report-backdoor-roth-in-turbotax.html

 

[cathy63]

Another question off-topic.

On the Deductions and Credits Summary page in TurboTax, my mortgage interest is showing $0, although I have entered a mortgage interest amount in TurboTax. The amount is less than $10K.

The summary pages are sometimes a little weird. What do you see on Schedule A in forms view? Do you have enough total deductions to itemize on your Federal return?

 

[G-Man]

The summary pages are sometimes a little weird. What do you see on Schedule A in forms view? Do you have enough total deductions to itemize on your Federal return?

Yes, the Itemized Deductions is larger than the standard deduction. However, in the "Interest You Paid" section on the Schedule A form starting at Line 8, the mortgage interest amount is not show in 8a or 8b.

My mortgage interest, plus $10,000 state and local tax limit (SALT), plus charity donations exceed the standard deduction. However, my mortgage interest is not showing up on the Schedule A form.

Looks like there may be a bug; however, the fix is not working for me.
https://ttlc.intuit.com/community/t...t-not-showing-on-schedule-a/00/1165550/page/4

 

[G-Man]

Yes, the Itemized Deductions is larger than the standard deduction. However, in the "Interest You Paid" section on the Schedule A form starting at Line 8, the mortgage interest amount is not show in 8a or 8b.

My mortgage interest, plus $10,000 state and local tax limit (SALT), plus charity donations exceed the standard deduction. However, my mortgage interest is not showing up on the Schedule A form.

Looks like there may be a bug; however, the fix is not working for me.
https://ttlc.intuit.com/community/t...t-not-showing-on-schedule-a/00/1165550/page/4

So, I manually entered the number in 8a on the Schedule A form. Is that correct?

 

[G-Man]

So, I manually entered the number in 8a on the Schedule A form. Is that correct?

Ok. I did not do the manual override and entered the number in the Schedule A form.

What I found is that the following questions need to be asked correctly. For some reason going through the step-by-step process in entering the 1098 information was not capturing my answers correctly. Really weird.

 

[cathy63]

Yeah, it sounds like there's a bug there, maybe it's miscalculating the limit due to the refi from an earlier year or something like that.